什么原因？港股医药股大跌

Core Viewpoint - The Hong Kong pharmaceutical sector experienced a sudden sell-off, with multiple stocks dropping over 10%, attributed to disappointing mid-term earnings and concerns over high tariffs on imported drugs proposed by the Trump administration [1][3][13]. Company Performance - Hutchison China MediTech (和黄医药) reported a mid-term revenue of $278 million, a year-on-year decrease of 9.16%, while net profit surged to $455 million, a significant increase of 1663.32% due to the sale of a non-core joint venture [5][8]. - Following the earnings announcement, Hutchison China MediTech's stock fell sharply, reaching a low of HKD 23.52, with a maximum decline exceeding 16% [3][12]. Market Reaction - Other pharmaceutical stocks, including Kelun Pharmaceutical (凯莱英) and Zai Lab (再鼎医药), also saw declines exceeding 10%, indicating a broader market reaction to the sector's performance [10][11]. - UBS downgraded Hutchison China MediTech's revenue forecasts for 2025 to 2027 and adjusted its target price from HKD 37.7 to HKD 36.9 while maintaining a "buy" rating [9]. Industry Outlook - The Trump administration's proposed tariffs on imported drugs could reach as high as 250%, raising concerns in the market [13]. - Despite recent declines, the innovation drug sector remains attractive due to supportive domestic policies and the potential for significant market growth driven by chronic disease prevalence [14].